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Strategic Investments | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments And Joint Ventures [Abstract] |
Strategic Investments | 10. Strategic Investments We hold strategic investments in privately held companies with a carrying value of $226.7 million and $262.7 million as of September 30, 2022 and December 31, 2021, respectively, which consist primarily of equity securities, and to a lesser extent, debt securities. These strategic investments are primarily recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we deem these assets as Level 3 financial instruments within the fair value measurement framework. There were no gains or losses recognized on our strategic investments in privately held companies for the three months ended September 30, 2022. We recognized $19.7 million of unrealized gains and $45.9 million of realized gains on investments in privately held companies for the nine months ended September 30, 2022. We recognized unrealized gains on investments in privately held companies of $60.6 million and $136.0 million for the three and nine months ended September 30, 2021, respectively, and $27.8 million of realized gains for the nine months ended September 30, 2021. Unrealized and realized gains on all strategic investments are included within other income (expense), net on our consolidated statements of operations and included as an adjustment to reconcile net loss to net cash provided by (used in) operating activities in our consolidated statements of cash flows. Strategic investments are included within other assets on our consolidated balance sheets. All strategic investments are reviewed periodically for impairment. Impairment expense recorded for the three and nine months ended September 30, 2022 and 2021, respectively, was not material.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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